The third major credit ratings agency has weighed in on Alaska’s fiscal health.
New York-based Fitch Ratings announced Tuesday morning that it is lowering the state’s long term credit rating from AAA — its highest rating — to AA+, citing the state’s massive budget gap.
It follows downgrades earlier this year from the other two major ratings agencies, Standard and Poor’s and Moody’s Investors Service.
The credit downgrades will make it more expensive for the state to borrow money in the future.
All three agencies have said they expect Alaska’s rating to slip lower if oil prices remain low and the state continues to rely solely on savings to cover the deficit.
- The nonpartisan Legislative Finance Division says the numbers in the bill don’t add up — there’s a $102 million gap between projected revenue and expenses if the bill were to pass.
- According to NOAA, over 180 gray whales have washed up dead along the West Coast so far this year. But each new specimen adds a little more clarity for scientists.
- Juneau International Airport officials have organized a simulated emergency exercise for Saturday. The exercise is required to be held every three years as part of the airport's FAA certification.
- Richard Glenn is an inconvenient truth for opponents of drilling in the Arctic Refuge. He presents a challenge to a prevalent narrative in Washington, D.C., that Native people oppose development in the Arctic.